Mortage questions

[Anonymous]

I have been pre-approved. Now after applying my husband was lay off. He has found another job the next day. It is in the same field. The pay is $2.00 less then what he was making. Will this hurt our application. thank you

[Anonymous]

We've been told different things about my dh's income, which is less than 2 years old.  In his case, however, he has a few part time jobs in the same field, and some told us that for part time it has to be 2 years, but full time can be brand new (with a letter/verification from employer).  One person even suggested that dh gets a ft job at the local gas station so we coulld get approved.  Others have said 2 years no matter what.  One broker used his income that was at least 1 year old, and another was willing to use all of it.  Being in the same field should help in your case.  The drop in income will adjust your preapproval amt. 

-iwannahouse

[ShanetheMortgageMan]

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Tropical2 wrote:
I have been pre-approved. Now after applying my husband was lay off. He has found another job the next day. It is in the same field. The pay is $2.00 less then what he was making. Will this hurt our application. thank you

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The lower pay would inhibit you from qualifying for more of a mortgage - but perhaps you weren't trying to qualify for the "max" right off the bat so the lower pay wouldn't negatively effect you.  Since it's so specific to your particular transaction I would suggest you contact the LO that pre-approved you to see how it would effect things.